I can understand why Apple has considered Apple TV to be dubbed a hobby for so long. It’s really the one Apple hardware product that Apple doesn’t maintain key control over the content on the device. Yes, there’s the iTunes Store for movies, music and such, but there are also hundreds of broadcast and cable channels not on Apple TV due to licensing and payment arrangements. And in the case of some channels that are on Apple TV — HBO Go comes to mind — Apple doesn’t get a cut of the subscription revenue.

With annual revenues topping a billion dollars for both hardware and content — a figure likely to grow beyond that as consumers increase their home broadband speeds and look to add web-delivered content to older televisions, — it might be time for Apple TV to graduate to from being just a hobby.